Commentary & Deal Flow

Romania, acting through the Ministry of Finance (Ticker: ROMANI), rated Baa3/BBB-/BBB- (n/n/n), 144A/Reg S (Cat 1) 3-part via BofA (B&D USD)/DB/Erste Group (B&D EUR)/ING/Raiffeisen/SG as joint books. Law: English. Listing: Luxembourg Stock Exchange. UOP: For budget deficit financing and redemption of public debt. Deal Roadshow: URL: https://dealroadshow.com Entry Code: ROMANI2026. Direct Link: https://dealroadshow.com/e/ROMANI2026. Pricing 2/25. Settle 3/4 (T+5).
- EUR2.25bn 7y FXD due 3/4/33. Coupon: Fixed, annual act/act. Denoms: EUR 1k x 1k. IPTs: MS+250 area.
- EUR750m tap of 6.00% 9/24/44s. Coupon: Fixed, annual act/act. Denoms: EUR 1k x 1k. IPTs: MS+325 area.

- USD2bn long 10y due 7/4/36. Coupon: Fixed, semi-annual 30/360 (Long First Coupon: 1/4/27). Denoms: USD 2k x 2k. IPTs: UST+210 area.

GUIDANCE: EUR 7y MS+220 area, Tap 2044 EUR MS+300 area, USD L10y CT10+180 area. EUR books combined > EUR 8.25bn (incl €220mio JLM, skew to 7 yr). USD book > USD 5bn (incl $120mio JLM).

UPDATE: EUR 7y set at MS+210, Tap 2044 EUR set at MS+295, L10y USD set at CT10+170. EUR 7yr Book > € 7bn (good at Guidance, incl €180mio JLM); EUR Tap 2044 Book > € 2.5 bn (good at Guidance, incl €53mio JLM); USD book > $7.1 bn (good at Guidance, incl $120mio JLM).
LAUNCHED: EUR2.25bn 7y at MS+210. Book > € 5.8bn (good at Reoffer, incl €180mio JLM), EUR750m tap of 6% 9/24/44 at MS+295. Book > € 2.2bn (good at Reoffer, incl €53mio JLM), $2bn L10y at CT10+170. Book > $ 5.7bn (good at Reoffer, incl $120mio JLM)

PRICED:
EUR2.25bn 4.625% 3/4/33 99.924 4.638% MS+210 (DBR+216.7).
EUR750m tap of 6.00% 9/24/44 at 100.333 5.966% MS+295 (DBR+276.4).
$2bn 5.75% 7/4/36 99.956 5.75% CT10+170.